Qualisys (QSYS) Q1 2025 earnings summary

Executive summary

• Net sales rose 19.8% year-over-year to SEK 59.0 million in Q1 2025, with strong demand across all business areas and geographies.

• Successful IPO on Nasdaq First North Premier in February 2025, marking a strategic milestone for future growth.

• Revenue growth driven by robust delivery capacity and continued investments in R&D, with several new product launches planned for the year.

• Project-based business model leads to quarterly revenue fluctuations, but order intake remains stable and within expectations.

Financial highlights

• Operating profit (EBIT) increased to SEK 5.6 million (1.6), with adjusted EBIT at SEK 7.0 million (2.2), reflecting higher sales and excluding IPO-related costs.

• Net profit was SEK 1.2 million (1.9), impacted by a one-time non-cash impairment of SEK 3.2 million related to Spree International GmbH.

• Gross margin improved to 69.3% (67.7%), and adjusted EBIT margin reached 11.9% (4.4%).

• Cash flow from operating activities after investments was SEK -2.3 million (7.0), mainly due to changes in working capital.

• Cash and cash equivalents stood at SEK 75.4 million as of March 31, 2025, with an equity/assets ratio of 67.1%.

Outlook and guidance

• Management expects continued positive long-term financial trends despite quarterly fluctuations due to the project-based model.

• No material impact anticipated from current US tariff policy or global economic uncertainty, but macroeconomic factors are being monitored.

• Several new product launches, including markerless technology, are planned for 2025.